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Jergens to Buy Bausch & Lomb Skin-Care Unit

April 09, 1998|Reuters

Bausch & Lomb Inc. agreed to sell its skin-care business to Andrew Jergens Co., a maker of skin-care products, for $135 million and the assumption of certain liabilities. Bausch & Lomb's skin-care business consists of Curel, a line of therapeutic skin-moisturizing products, and Soft Sense moisturizing lotion. Jergens is a wholly owned subsidiary of Japanese consumer products company Kao Corp. It markets Kao's Biore line as well as Jergens skin-care products in the United States. Rochester, N.Y.-based Bausch & Lomb said it will record an after-tax gain on the divestiture of about $35 million, or 63 cents a share, in the second quarter. Bausch & Lomb said it is selling the business to concentrate on developing innovative products in its core eye-care business. The sale is expected to close in May. Bausch & Lomb's shares rose 25 cents to close at $48.13 on the New York Stock Exchange. Kao's American depositary receipts fell 50 cents to $129.50 on Nasdaq.

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